RENTAL NEWS
A Glimpse into Current Trends

Orange County Rental Market: Trends and Insights 2024

Orange County, known for its idyllic beaches and vibrant cities, remains a popular place to live. However, the rental market here, like many parts of California, exhibits trends that renters should be aware of. Here's a breakdown of the current landscape:

Rent Prices

• Steady Growth: While the national and state rental markets have seen slight dips, Orange County rents are experiencing modest year-over-year growth. This trend has been consistent throughout 2024.
• Median Rent: The median rent for all property types in Orange County sits around $3,600, with some variation depending on location and property type.
• Apartment Costs: Renting an apartment in Orange County varies based on size:
  • Studio Apartments: Average around $2,200.
  • 1-Bedroom Apartments: Average around $2,469.
  • 2-Bedroom Apartments: Average around $3,032.

Market Observations:

• Slower Growth: Compared to previous years, the pace of rent increases has slowed down in 2024. This suggests a potential stabilization in the market.
• Inventory Fluctuation: The availability of rental properties can fluctuate, with some areas experiencing tighter inventory than others.
• Competition: Due to high demand and limited inventory, renters may face competition when applying for properties.

Additional Factors:

• Location: Rents tend to be higher in coastal areas and popular cities like Irvine and Newport Beach compared to more inland locations.
• Property Type: Single-family homes generally have higher rents compared to apartments.
• Amenities: Properties with desirable amenities like pools, gyms, or in-unit laundry may command higher rents.

Conclusion:

The Orange County rental market remains relatively stable in 2024, with modest rent increases and potentially slower growth compared to previous years. While inventory may fluctuate, renters should be prepared for competition and potentially higher prices in desirable locations.

It's important to note that this is a general overview, and specific rental trends may vary depending on the chosen city or neighborhood within Orange County.